Travel Loses Its Luster

Priceline is cratering below $1300 after earnings this morning, which had marked the upper end of a massive, sloppy range the online travel discount website. 

To see a marquee leader like PCLN remain trend-less for so long has been a bit odd, after a multi-year bull run. In fact, for more than two full years now the stock has gone essentially nowhere, after previously breaching its dot-com bubble highs around $1000. 

At issue now is whether we have another badly-damaged leader on our hands, not unlike AAPL CMG, with possibly GOOGL NFLX UA following suit, too. 

As long as PCLN now holds below $1300 into inevitable oversold bounces, I am looking at the name as a viable short and a topped out leader. 

What makes the plunge this morning even more ominous is the old Wall Street axis: "The bigger the top, the bigger the drop."

In terms of duration, and visually gauging the weekly chart, below, it does not get much "bigger" than PCLN.